The spectacular amount of market activity in Arizona over the past decade has been well documented. People of all walks of life have been moving to Arizona, and particularly Phoenix, in numbers unmatched in recent memory.
Figures from 2000-2005 show nothing but increased construction, development, unit sales and unit sales prices in virtually every category of structure offered on the market.
The greatest degree of growth occurred during fiscal 2005, where previous growth statistics, impressive in their own rights, spiked sharply to even higher levels.
Of particular note to the residential home seller/buyer was the record appreciation in new and resale home values. These rates were up for new homes and resales, rentals and condominium units, the only difference being one of degree.
While it is true that not all Phoenix area real estate markets showed the same amount of increase it is true that the degree of growth for each area was proportional.
Then along came 2006 and equally well documented has been the decline in the rate of growth of some key market indicators. The greater Phoenix resale home market is showing marked decreases in sales figures for comparable periods last year across the valley and across most unit categories.
One interesting exception is the median price for resale units has risen slightly. This rising price accompanied by a decrease in sales seems to be more in keeping with normal market tendencies. One would expect spectacular growth to lead eventually to a degree of scarcity that would be reflected in higher prices. Could this indicate that the market has reached its peak?
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Let’s look at another indicator to see what it may tell us.
Since 1985, the Arizona Real Estate Center has computed what it calls “affordability indexes” for the Greater Phoenix area and several nearby cities.
The index was invented as a guide to predict market activity. When the index value is 100, the typical home buyer (based on the current median resale price and household income) would be able to afford a median-priced home at the stated effective interest rate. A lower index value indicates less availability of affordable single-family homes.
The affordability index for the areas selected for study shows a significant reduction in the availability of that this type of housing within the means of the ordinary consumer.
Whether this data can be used as a reliable indicator for other groups and other types of housing is arguable, but it does beg the question “how much longer will the market be able to sustain a situation where both sellers and buyers can apparently benefit by getting involved in the market?
The short answer is that these conditions can remain so long as they are supported by the market.
So when we take a long look at the larger picture we must ask ourselves whether we can realistically expect to realize more potential gain or value now or at some time in the future and it is very reasonable to conclude that the best possible time to buy or sell Arizona really is now.
Chandler features home seekers a variety of affordable housing. The area’s character is like that of similar areas that one tends to associate with their hometown.
Landscaped neighborhoods with broad roadways they invite to travel to bring many people to the city. Single-family homes, custom properties, condominiums, patio homes, and townhouses can all be found in Chandler.
There are a variety of high-quality homes available is accompanied by a number of fine area schools and ready freeway access. These are just some of the reasons that make living in Chandler a wise choice.
There was a time when the city of Chandler was based on agriculture and tourism but today Chandler is a fast becoming a magnet for both residential communities and high-tech manufacturing.
Businesses have recently begun locating in Chandler in number and this has made the city is a leader in the computer technology area. In fact, Chandler has been referred to by civic handlers as the “Silicon Desert.” It is a city on the cutting edge, with a vision of developing a diverse community where a high quality of life can be realized by all of its residents.
This is a new city with changes occurring on an almost daily basis. Chandler’s affordable housing and hometown appeal, combined with an abundance of new opportunities, draw people to this part of the East Valley.
Chandler features world-class golf facilities, outstanding resorts, terrific restaurants, premier shopping and lots of recreational activities.
Downtown storefronts have been restored to their quaint turn of the century look and the central plaza has been completely renovated. Chandler is creating an exciting future. It is the place that many Valley of the Sun’s newcomers chose to be their new home.
Chandler has culture. The Chandler Center for the Arts is a 64,000 square foot center of top-flight art and theater that produces some of the most memorable shows in the Valley.
The bizarre “turntable” design of the auditorium has visitors talking from the moment they enter the building. The radical design allows for some rather unusual seating configurations. Some seating in the rear of the main auditorium can rotate 180 degrees to face two more intimate stages. The walls also move with the seating areas to prevent conflicting sounds and allow three events to perform simultaneously.
The Chandler Center for the Arts is a showcase of acoustics, with a variety of turntable configurations providing for numerous options for sound transfer. This peculiar place to the performing arts is a jewel of the city.
Shopping in the City of Chandler stands out as among the best in The Valley. The Chandler Fashion Center Mall is one of the newer shopping destinations in the East Valley. Combined with Casa Paloma, Chandler Pavilions, and Historic Downtown, the City of Chandler provides its residents with a variety of shopping options. Chandler is a shopper’s paradise.
Chandler Outdoor Recreation
Outdoor fun is part of living in Chandler. The old-time charm of city’s past can still be found. The Desert Breeze Railroad Park offers residents a chance to ride the rails around a gorgeous park setting. Children delight when taking a spin on old-fashioned amusement rides.
The Chandler Ostrich Festival is another unique attraction that shows off Chandler’s small-town quality. The festival includes ostrich races and other fun activities that area residents enjoy seeing each year.
The city also provides the Chandler Concerts in the Park. This series of performances include a range from jazz to Brazilian music groups. The concerts are held all over the city at various city parks. Chandler residents sample a variety of cultures and spend time outside. Taking time to experience the outdoors and spend time with the community is what makes the City of Chandler special.